If I took the contents of my wallet and sent it to another wallet, then sent it back, that would consolidate my UTXO’s, yeah?
Discussion
Yes, but you have to pay two fees. Just send it to yourself with a unused address
PS this is super easy to do in sparrow wallet
I will be honest, I am not the most tech savvy and I get really nervous moving my sats. I have seen some talk about sparrow wallet but doesn’t that require a desktop? At the moment I’m just using my jade
Yes desktop. If you have a desktop can connect your Jade to access your wallet without exposing your keys.
If you are using your Jade with a phone then you are not going to be able to break up your stack into multiple UTXOS. But if you just want to consolidate all of your stack into a single UTXO then just hit receive to generate a new address and send to yourself using that address
So I can just generate an address the same way I would if I were to receive sats from Strike, and then send my bitcoin from my jade to the address I generated, and I will efficiency send my sats from one address on my jade, to a new address on my jade? I’m probably mansplaining this but I am really not super savvy with this
Yes.
Can you mansplain to a man? 🤔 idk
But so you understand. I’m assuming that you are using segwit. You have a “prime” wallet address (xpub) and you can derive millions of addresses from it. All of the different addresses are yours.
Check it out and hit receive in your wallet. Close it and hit receive again and notice that it is giving you a new different address than you got last time. It’s still all variations of your wallet address. This gives you a measure of privacy. If someone gets a hold of your xpub then they would know every single address tied back to your wallet.
Consolidate your UTXOs to a new address in your wallet but be aware that it is now super easy to see that new address has X amount of bitcoin. This is why people generally create several large UTXOs that each are associated with a different address in the same wallet.
In the future just DCA in strike until you have a decent amount and then transfer it to your wallet to keep larger UTXOS.
Does this make sense? Hard to explain via text
If you can’t figure it out then just send your bitcoin to me and I’ll hold on to it for you. When you want it back just let me know and I’ll send it to you
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Doesn’t really avoid the double fee problem either though. 😂
But he gets an expert to safely hold his coins for him. Just like FTX